Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) indicate that broker/advisor Christopher Alexander Polinaire (CRD # 4330879) was recently suspended from the securities industry by FINRA’s Department of Enforcement after an investigation into excessive and unsuitable trading (churning) customer accounts.
The Law Office of Kevin J. Deloatch, Esq. is interested in speaking to investors who have complaints regarding Mr. Polinaire.
Registration Background for Christopher Polinaire
Mr. Polinaire first became registered in the securities industry in 2004. FINRA BrokerCheck indicates he was most recently registered with Hauppauge, NY based Network 1 Financial Securities Inc. (CRD # 13577) from February 2021 to October 2022. His prior registrations include Arive Capital Markets (CRD # 8060) from June 2017 to November 2020 and First Standard Financial Company LLC (CRD # 168340) from November 2016 to June 2017.
FINRA’s Allegations Against Christopher Polinaire
According to FINRA Letter of Acceptance, Waiver and Consent (AWC) dated November 1, 2022 (No. 2020066685701), Mr. Polinaire consented to, without either admitting to or denying, the following findings by FINRA’s Department of Enforcement:
- “Between August 2017 and March 2020, [Mr.] Polinaire excessively and unsuitably traded three customers’ accounts, in violation of FINRA Rules 2111 and 2010”;
- “Between August 2017 through March 2020, while he was registered through Arive, [Mr.] Polinaire engaged in excessive and unsuitable trading in the accounts of Customers A, B, and C”;
- “Between February 2019 and January 2020, [Mr.] Polinaire recommended that Customer A place 58 trades—the majority of which were executed using margin—in his account, and Customer A routinely accepted [Mr.] Polinaire’s recommendations”;
- “Between August 2017 and April 2018, [Mr.] Polinaire recommended that Customer B place 31 trades in this account, and Customer B routinely accepted [Mr.] Polinaire’s recommendations”;
- “Between April 2019 and March 2020, [Mr.] Polinaire recommended that Customer C place 78 trades in his account, and Customer C routinely accepted [Mr.] Polinaire’s recommendations”;
- “Customers A, B, and C paid a combined $128,000 in commissions and fees based on the trades [Mr.] Polinaire recommended”;
- “[Mr.] Polinaire’s recommended securities transactions in the accounts of Customers A, B, and C were excessive and unsuitable”; and
- By virtue of his actions, Mr. Polinaire violated FINRA Rule 2111, regarding suitability and FINRA Rule 2010, regarding standards of commercial honor and principles of trade.
FINRA Sanctions Christopher Polinaire
As a result of such violations and in addition to the above-described findings and conclusions, FINRA’s November 1, 2022 AWC also indicates that Mr. Polinaire consented to the following sanction(s):
- An eight-month suspension from associating with any FINRA Member in all capacities;
- A fine in the amount of $7,500.00; and
- Restitution in the amount of $128,000.00 plus interest.
Christopher Polinaire Has No Prior History of Securities Industry Customer Complaints
In addition to Christopher Polinaire being suspended by FINRA from the securities industry after an investigation into excessive and unsuitable trading (churning) in customer accounts, FINRA BrokerCheck for Mr. Polinaire reveals that he has no prior history of customer complaints and/or customer-initiated arbitrations.
If you or someone you know has or had a brokerage account with Christopher Alexander Polinaire and have concerns regarding losses in your investments or possible sales practice violations including fraud, churning or unsuitability, you may be entitled to recover lost funds. The Law Office of Kevin J. Deloatch, Esq. has an extensive securities law practice and over 30 years of experience on Wall Street. Call today at (646) 792-2156 for a free consultation. The time to file your claim may be limited so you should call today to avoid delay.